Dimmitt Wet Corn Mill

Dimmitt Wet Corn Mill; Dimmitt, TX, USA: Foreclosure

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SITUATION: Lubbock National Bank foreclosed on a complete wet corn mill including the equipment, machinery, building with an almost 26 acre parcel and about 1,200 acres of dry farm land. Lubbock National Bank tried for over a year on their own to sell this turn-key property before hiring Schneider Industries (SI).

SOLUTION: After a implementing a carefully researched and focused marketing campaign, SI located six potential buyers who all made offers on the complete operation. After thorough consideration of all offers, Lubbock National Bank accepted the highest and best offer from an end user, Dimmitt Corn Mill, LLC, makers of corn starch and corn gluten. The selling price was significantly over the appraised value.